The End Of China’s Miracle?

<p>China's emergence from its stringent zero-COVID policy seems to be the opposite of controlled and competent, two words that have otherwise been frequently used to describe its balancing act between capitalism and one-party rule. Beyond this, we are witnessing an unprecedented convergence of factors: a government crackdown on domestic Big Tech, population decline, a persisting real estate crisis, and the Biden administration’s recent introduction of some of the most draconian export controls in history.</p><p><br />To discuss this crossroads in China’s economy and society, Luigi and Bethany talk to Chicago Booth’s Chang-Tai Hsieh. Amidst the paradox of escalating tensions and record-breaking bilateral trade, they discuss whether we are underestimating China, what advice to give to Western businesses operating there, and the long-term prospects for the country's economy and their global implications.</p><p><br />Show notes:</p><ol><li>On February 9th, 2023, "<i>China’s New Covid Strategy</i>," the next webinar in the Stigler Center's series on China's political economy, will feature Chang-Tai Hsieh, along with Schwarzman Scholars/Harvard Medical School's Joan Kaufman and the <i>Financial Times</i>' Nian Liu (Stigler Center Journalist in Residence, 2021). <a href="https://www.chicagobooth.edu/research/stigler/events/chinas-new-covid-strategy" target="_blank">Register here</a>.</li><li>Revisit previous <a href="https://www.youtube.com/playlist?list=PLW8F2fexkgF7qTSTY6rAUNdHQyUykizZK" target="_blank">webinars</a> hosted by the Stigler Center on China’s political economy and read a summary: <a href="https://www.promarket.org/2023/02/02/event-notes-chinas-political-economy-in-review/" target="_blank">https://www.promarket.org/2023/02/02/event-notes-chinas-political-economy-in-review/ </a></li><li><a href="https://www.ft.com/content/f10ccb26-a16f-11e9-a282-2df48f366f7d" target="_blank">Economists share blame for China’s ‘monstrous’ turn</a>, Janos Kornai in the <i>Financial Times.</i></li></ol>